Hi there,
First and for all check of all scales are applied correctly for both shape keys.
if you want to keep the Shape Key function, you should check in Blender if:
A) there are any Constraints, any unapplied modifier or if you use bones too, you might check if correct weight paint was applied.
Or:
B) move between the Shape Keys in Blender and check if any unnatural movement occurs.
Maybe what you see in the picture is a result of importing the Shape kay at 50% interpolation.
Also check based on the way of Export, if the correct check marks are set.
Another way would be to take a different approach with your object.
for what I can see it looks like each pixel is a Face. Correct me here if I’m wrong.
Since this looks like a 2D Model I would make a Render in both positions as a PNG with an Alpha Chanel and make a flip book out of it. means you use a plane and switch through different Areas of the Texture. subdivide the plane for some control regarding movement, if necessary.
Then a BP with a Function to switch between different states so you get a fluid animation.
Hope these pointers help.
Best regards